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American Student Assistance was founded in 1956 under the name Massachusetts Higher Education Assistance Corporation (MHEAC).The organization began when a group of people approached Massachusetts local businesses for philanthropic donations with the idea of creating a pool of money to guarantee loans for higher education. [1]
Title II authorizes the provision of student loans and provides terms by which they may be awarded. Initially, Title II provided scholarships (also known as grants) rather than loans. However, some members of Congress expressed worry about the message sent by giving students a "free ride."
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Counting all degrees, Harvard University comes in first place in terms of the total number of billionaire alumni. The University of Pennsylvania comes in first if only bachelor's degrees are counted, according to the most recent 2022 Forbes report. [1]
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You don't give away that much money without changing the places and institutions and people you give it to, sometimes for the worse. Zuckerberg should already know this. In 2010, he donated $100 million to the Newark Public Schools on a promise from Cory Booker that he could, according to Dale Russakoff's The Prize , "flip a whole city."
The American way was for the self-made millionaires to become self-made philanthropists, a model that was perfected in the next generation by Andrew Carnegie (1835–1919) and John D Rockefeller (1839–1937). They agreed with Peabody that riches produced a duty to give most of it back to the community through specialized permanent foundations.
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